Who’s Right? Two-Year Yields or Two-Year Breakeven Rates?

Published on July 7, 2026

Chris Galipeau discusses high-conviction insights that go beyond media headlines.

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Jobs Report Masks a Still-Resilient Economy

July 7, 2026
The June employment report’s headline readout was softer than expected, but the details reinforce my view that the U.S. economy remains on a stable footing. Headline payroll growth disappointed, yet the previous two months—which had surprised to the upside—were revised lower, bringing hiring back toward a pace that is far more consistent with a mature expansion.

AI Enthusiasm Leaves Little Margin for Error

July 7, 2026
Global equities rebounded in the second quarter as confidence in the AI investment cycle strengthened. As the third quarter begins, we believe markets have become priced for a smooth and profitable AI build-out, leaving little margin for error. June’s sharp sell-off in the Magnificent Seven stocks underscored how quickly sentiment can shift when crowded AI trades are priced for near-flawless execu